Tripadvisor reported a sharp third-quarter earnings decline, with revenue down 11% and adjusted EBITDA down 34% from a year earlier. A $369.5 million non-cash goodwill impairment drove the company to a GAAP net loss, while its non-GAAP results remained profitable but also fell.
The results cover continuing operations. Tripadvisor also said its September cash balance excludes proceeds received in November from the sale of TheFork; it did not give the proceeds amount in this announcement.
Key details
- Revenue fell to $436.4 million, from $490.8 million a year earlier. Experiences revenue declined 3% to $284.8 million, while Hotels and Other revenue fell 23% to $151.6 million.
- The company recorded a GAAP net loss of $316.9 million, or $2.70 per diluted share, compared with net income of $48.5 million, or $0.39 per share, in the prior-year quarter. The loss was driven primarily by the $369.5 million non-cash goodwill impairment.
- Non-GAAP net income was $43.4 million, or $0.37 per diluted share, down from $71.2 million, or $0.58 per share, a year earlier.
- Adjusted EBITDA was $71.1 million, equal to 16.3% of revenue, versus $107.8 million, or 22.0% of revenue, in the third quarter of 2025.
- Experiences: Revenue was $284.8 million. Bookings rose about 2% to 6.8 million, while gross bookings value was roughly flat at about $1.3 billion. Adjusted EBITDA fell 27% to $38.2 million, and its margin narrowed to 13.4% from 17.8%.
- Hotels and Other: Revenue declined to $151.6 million. Hotels revenue was $109.7 million, down 23%; media and advertising revenue was $27.7 million, also down 23%; and other revenue was $14.2 million, down 18%. Adjusted EBITDA fell 41% to $32.9 million, with a margin of 21.7%, compared with 28.2% a year earlier.
- Costs and expenses totaled $773.1 million, up 81%, primarily because of the goodwill impairment. Excluding that charge, reported personnel costs were down 24% to $94.0 million, while marketing costs were essentially unchanged at $213.0 million. Marketing represented 48.8% of revenue, up from 43.3% a year earlier.
- Cash from continuing operations was $706.8 million at September 30, down $271.2 million from year-end 2025. Tripadvisor said the decline was driven by repaying $345.4 million of 2026 senior notes on April 1. The balance does not include proceeds received in November from TheFork’s sale.
- Cash flow was negative in the quarter: operating cash flow from continuing operations was a use of $122.0 million, and free cash flow was a use of $131.2 million. A year earlier, the company reported positive operating cash flow of $32.9 million and free cash flow of $19.0 million.
The reported GAAP loss substantially reflects a non-cash impairment, but the declines in revenue, adjusted EBITDA and non-GAAP earnings show that operating performance also weakened year over year. The cash figures reflect the repayment of debt and predate the November proceeds from TheFork’s sale.